News Developments in Indian Market, March 2010
Capital Market Clippings
SEBI may get powers to monitor use of IPO funds
The new Companies Bill will give SEBI the powers to look into the end-use of Initial Public Offerings (IPOs). Changes to this effect would be incorporated in the draft Companies Bill, 2009, Corporate Affairs Ministry sources said. Simultaneously, to enhance transparency, SEBI guidelines are likely to direct all issuer companies with IPOs of even less than Rs 500 crore to appoint an agency to monitor the use of such proceeds. Currently, SEBI guidelines specify that a monitoring agency is required only for issues of over Rs 500 crore. The monitoring agency, such as a bank or a financial institution, is appointed by the company going for an IPO. The agency reports to the company’s Audit Committee regarding the use of IPO money. During official discussions, SEBI had said Section 55A of the Companies Act does not grant it powers to look into the end-use of IPOs. SEBI currently has powers only until the issue of the IPO and not beyond it.
The Hindu Business Line, March 30, 2010
Investor awareness website in local languages soon
The Ministry of Corporate Affairs will launch the regional version of its just-launched investor education protection fund (IEPF)
website in the next six months to educate investors about the stock markets, ministry secretary R Bandyopadhay said. “We will be launching website in all the regional languages in the next 5-6 months … our target will be for all such languages, but we will have to work on the final outcome,” Bandyopadhay said. The ministry on Friday launched the IEPF website in Hindi. “We are spreading investor awareness across the country and launching website in Hindi is part of that,” Minister of Corporate Affairs Salman Khurshid said while launching the site. In the current financial year, the ministry has organised 300 investor education camps and a target of at least 400 such camps has been kept for the next financial year.
The Economic Times, March 28, 2010
RBI for firm regulation of clearing houses
The Reserve Bank has made a case for further tightening the regulatory mechanism for clearing houses saying they are critical for smooth functioning of the markets.”Central counter-parties have emerged as critical elements for the smooth functioning of the financial markets…they need to be regulated more firmly for robust risk management systems,” RBI said in its financial stability report. Though clearing houses help in reducing systemic risk posed by derivative markets, they do not make risks disappear, RBI said. They accumulate a large share of the smaller pool of counter-party risks, it added. “Their capital, margining and collateral requirements need to be assessed from a prudential and systemic stability perspective,” the central bank said. Clearing houses are central counter-parties (CCPs) that stand between trading partners and guarantee the trade. CCPs serve an important role in reducing counter-party risks and help in reducing the liquidity requirement by multi-lateral netting, RBI said.
The Economic Times, March 28, 2010
Independent directors must be truly so: Govt
The Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said that the Government was keen that independent directors on the boards of companies should be truly independent. Mr Khurshid stressed that it was important that the independent director should be “independent in a way we perceive an independent mind functioning”. He defined independence as “a person not beholden to anybody else”. “You can define ‘nexus’ in terms of number of dealings that the person has had (with the company), but can also be defined in terms of number of years they worked together,” he said. He said that while one might disagree on the extent of say the Government might have on this issue, nobody could disagree that there has to be “some transparent form of internal assessments on remuneration.”
The Hindu Business Line, March 28, 2010
FIIs make a beeline for CPs as rates inch up
Foreign institutional investors (FIIs) bought bonds worth $3.8 billion in India since January 2010, the highest ever in any fourth quarter. Dealers in the debt market say most of this investment is in short-term corporate paper. This demand for short-term corporate debt has resulted in a situation where top-rated companies are able to borrow at a lower cost than banks. Dealers said yields on commercial paper (short-term debt by companies) is now lower than yields on certificates of deposits (tradable wholesale deposits) issued by banks. Indian laws allow FIIs to invest up to $15 billion in corporate debt, majority of the limit still lies unused. The official Sebi data includes both government and corporate bonds. The regulator does not provide a break-up between these two segments. FIIs have invested only $3.5 billion in shares in the January-March 2010 period so far.
The Economic Times, March 23, 2010
Insurance Clippings
Unit-linked schemes’ returns go up as insurers tighten their belts
The insurance regulator’s revised cap on management expenses has pushed up returns for investors from unit -linked insurance policies (ULIPs) by approximately a percentage point. It has also forced insurance companies to launch new policies which conform to the lower ceiling on management expenses. The Insurance Regulatory and Development Authority had mandated that all ULIPs should cap the difference between the gross and net returns (also termed yield) to investors to a maximum of 2.25-3.00 percentage points (the higher limit is applicable to policies with a tenor of less than 10 years). The net yield for investors in ULIPs is likely to move up by at least 1-1.5 percentage points on an annual basis.
The Hindu Business Line, March 29, 2010
IRDA advertisement stirs up debate
An advertisement issued by the Insurance Regulatory and Development Authority (IRDA), asking investors to consider Unit Linked Pension Plans, has raised a debate. “If you have not already provided for regular income/pension during your retired life, consider a Unit Linked Pension Plan,” says the advertisement, which goes on to ask investors to keep in mind five points of advice before deciding to buy a ULIP (Pension). The advertisement must also be seen in the light of the recent dispute that arose between IRDA and the stock markets regulator SEBI when the latter wrote to insurance companies asking them to show cause why they did not get its approval for ULIPs, which partly invest in the capital markets. “It is a possibility that through this advertisement, IRDA simply wanted to signal that ULIP falls clearly within its territory. But in principle, a regulator should not recommend investment or disinvestment in any product that it regulates,” said a legal expert. An official at IRDA said it must be seen as an exercise in investor awareness, which as a development authority, IRDA had the right to do.
The Hindu Business Line, March 23, 2010
Unorganised sector workers to get ESIC medicare facilities
Millions of workers in the unorganised sector would be able to take advantage of the ESIC medicare facilities with the government is going to amend the Employees’ State Insurance Act 1948 to significantly enhance the social security coverage. A decision to amend the existing Act to ensure effective implementation of the Employees’ State Insurance Scheme was taken at a meeting of the Union Cabinet chaired by Prime Minister Manmohan Singh. The facilities of ESIC would now be extended to workers in the unorganised sector under Rashtriya Swasthya Bima Yojana by making optimum use of under-utilised hospitals and dispensaries of ESI Corporation, sources said. It would apply to all places where ten or more workers are employed.
The Economic Times, March 19, 2010
IRDA hardselling unit linked products amid spat with SEBI
In the midst of its spat with SEBI over regulating ULIPs, insurance regulator IRDA today sought to hardsell unit-linked insurance policies as an alternative to regular income or pension payouts. “If you have not already provided for regular income/ pension during your retired life, consider Unit Linked Pension Plan,” Insurance Regulatory and Development Authority said. In a public notice , IRDA highlighted various risks as also benefits associated with the ULIPs. ULIPs — one of the most common insurance plans sold by life insurers where the money collected from consumers is invested into equity and debt markets and returns are linked to the same — has become a bone of contention between the two financial sector regulators, with both claiming authority to regulate these schemes.
The Economic Times, March 18, 2010
IRDA asks public not to buy health policies of Aetna Networks
IRDA warned the public not to buy health insurance policies being offered by Bangaluru-based Aetna Healthcare Networks as the company is not registered with the regulator. “…the general public is hereby cautioned not to deal with or to purchase or subscribe to any of the plans stated to provide medicare health cover or life insurance benefit of the said company or through any person claiming to be its agent, advisor or representative,” Insurance Regulatory and Development Authority (IRDA) said in a statement. The regulator said that Aetna Healthcare Networks (India) claiming to be a unit of US-based Aetna Inc is collecting money by selling health insurance policies in an unauthorised manner. The company, IRDA said, “has not been issued any licence or certificate of registration.”
The Economic Times, March 17, 2010
Mutual Fund Clippings
AMCs, fund distributors seek more time for KYC compliance
Asset management companies (AMCs) and mutual fund (MF) distributors have sought more time to comply with know-your-client (KYC) norms and will soon make a representation to capital market regulator Securities and Exchange Board of India (Sebi) on the matter. In December last year, Sebi had made it mandatory for fund houses to maintain a copy of full investor documentation, including KYC details and power of attorney, with retrospective effect. Currently, this documentation is maintained by the respective mutual fund distributors, who in turn, would have to provide the details to fund houses. If the distributors fail to do so, fund houses can stop paying them upfront commissions and trail fees. Mutual fund distributors have been given time till April 1, ’10 to comply with this fiat. Already, registrars and transfer agents (RTAs) of some asset management companies have not been processing commissions for non compliance of KYC norms.
The Economic Times, March 27, 2010
Why not demat mutual funds
The Securities and Exchange Board of India’s recent directives that seek to expedite the new fund offer (NFO) process for mutual funds will help make the process more efficient and investor-friendly. Investor interests could be served even better by simultaneously implementing a centralised electronic depository system for mutual fund holdings, akin to the one in use for stocks. Requiring mutual funds to shorten the time for which NFOs are open from the present 30 and 45 days for open and close end funds respectively to 15 days, will help investors get both their units and the fund’s first NAV sooner. Taken together with the ASBA (application supported by blocked amount) facility, this move will cut down the opportunity cost and waiting period for investors. Given that NFO applications typically pour in only on the final three-four days, a shorter offer period is unlikely to materially impact response.
The Hindu Business Line, March 23, 2010
MFs bet on companies with rural links
Rising budgetary allocations, strong rural consumption, surging food prices and a probable food shortage over the long-term are prompting fund houses to bet on companies which have linkages to the agriculture and rural economy. In the next few months, fund houses such as Deutsche Asset Management, Taurus Mutual, Tata Mutual and Reliance Mutual, among others, will launch schemes with rural economy and agriculture as broader investment themes. Fund managers, who are planning to launch agri and rural funds, are expecting the farm sector to do well against the backdrop of a looming food crisis. According to fund managers, the rural economy will benefit from the huge outlay for social infrastructure development. Under the Bharat Nirman Plan, micro-sectors such as irrigation, roads, water supply, housing and rural electrification will get support from the government.
The Economic Times, March 19, 2010
Liquid fund investors to gain from rate rise
Even as gilt funds lose money when interest rates rise, those that invest in the money market gain. Money market is the shorter-term market where the tenure of instruments is less than one year. Liquid funds are investors’ popular choice. They invest in very short-term securities such as commercial papers, short-term treasury papers and bank deposits. These instruments do not lose much value when rates rise. So, if one holds on till the maturity of the product, the investor stands to gain from a rising yield. So, while they are offering returns of around 4-5% currently, this number will rise when the Reserve Bank raises rates later in the year. Floating rate funds are another good option when interest rates are expected to rise. The merit of floaters is self-evident from the returns. Most floating funds have delivered a return of 4-4.5% for the past year.
The Economic Times, March 19, 2010
Hang Seng ETF opens firm, ends weak
India’s first international exchange traded fund (ETF) in India, Benchmark Mutual Fund’s “Hang Seng BeEs” listed on the National Stock Exchange (NSE). On the first day of trading, the opening value of 1,430.90 per unit was higher than notional unit value of 1,251.73 arrived at on the basis of the previous day close of the Hang Seng index. The daily net asset value (NAV) of a single unit of the fund is arrived at, by calculating the daily Hang Seng index close multiplied by the currency rate of Hong Kong dollar-Indian rupee and divided by 100. However, after surging to the day’s high of 1,435, the per unit value settled lower and closed at 1,246 per unit. The Hang Seng index closed at 21,330.67, a fall by 0.25 per cent over its previous close. On the first day of listing 26,686 units of Hang Seng ETF were traded on the NSE, marking a turnover of Rs 3.35 crore. Benchmark’s open-ended ETF tracks Hong Kong’s Hang Seng index, one of the oldest and among the most popular indices on the Hong Kong stock exchange. The index currently comprises 42 stocks and can have a maximum of 50 stocks.
The Hindu Business Line, March 19, 2010
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